HBAR Price Analysis: HBAR above $0.304 support, set to retrace to lower levels?

TL;DR Breakdown

  • HBAR price analysis is currently at $0.33, down by 16%.
  • The nearest support lies at $0.304.
  • If this support doesn’t hold, another support is at $0.24.
  • The resistance exists at $0.45, which currently remains unbroken.

HBAR or Hedera Hashgraph is one of the trending cryptocurrencies which rose from $0.24 on 1st September to $0.5701 on 16th September. According to the data by Coinmarketcap, the trading volume of the currency has surged by around 46.46%. This huge surge in the trading volume shows that the cryptocurrency is attracting investors, and a price surge might follow.

The market cap for HBAR, on the other hand, has dropped by over 16.12%, which indicates the bearish price trend that we are experiencing currently. In the 4-hour chart, one can see that there are around four red candles formed that brought the price of the coin down to the current levels. Gathering more data from the 4-hour chart, we can also see that the price of the coin is just above major support at $0.304.

In all probabilities, it is expected that if the price action drops below this major support level, the next support exists at $0.24. Although, it can be said that the price action might bounce back from the nearest support at $0.304. While Bitcoin is currently struggling to maintain $47K price levels, lower prices for altcoins might also follow if it isn’t able to maintain this level.

HBAR price analysis: Indicators turning bearish

HBAR price analysis for today is bearish, and the current support at $0.304 holds. If this support fails to hold, there our eyes will be on the key Moving Averages. The current price action is above the 100-day as well as the 50-day Moving Averages. The 50-day Moving Average crossed over the 100-day Moving Average, which shows that this is the time to long as bulls might take over.

Along with the Moving Averages, the Bollinger Bands also help in the prediction of future price movement. It is evident that the future price action will remain bullish in the long term, but in the short term, it is visible that the price action is dropping towards the lower end of the Bollinger Bands. If this continues, we can expect the HBAR/USDT price to break out from the lower end of the Bollinger Bands.

HBAR price analysis
HBAR price analysis on the chart by TradingView

The HBAR price analysis states that the 4-hour chart shows an RSI reading above 60. The price gradient is negative, and this means that the price action is turning bearish, and there is a possibility of the support at $0.304 to break. Although, this can be a good chance to buy more HBAR and wait for better selling opportunities when the RSI is in the oversold region.

The buying pressure is unable to match the selling pressure, and according to the MACD indicator, the MACD line or the blue line is below the orange line or the signal line. This is a bearish indication for the short term. Although, if you are looking for a thorough long-term Price Prediction for HBAR, visit here.

HBAR Price Analysis: HBAR above $0.304 support, set to retrace to lower levels? 1
HBAR price analysis on the chart by TradingView

HBAR price analysis: Conclusion

Our HBAR price analysis can be concluded on a bearish note. It is possible for the cryptocurrency to break the current support and reach for the lower supports at $0.24. This price support is important, and it is expected to hold if the current support fails. On the other hand, Bitcoin has been bearish since its drop from the $52K to $43K price levels. Although, it is expected to reach $100,000 by our Bitcoin price prediction.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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